M and T has issued 10 million alerts to customers
"It’s pretty clear: M and T Bank customers want to keep close tabs on their accounts.
Last September, the Buffalo bank introduced a dozen customizable account alerts for customers using the M&T mobile banking app. Less than 12 months later, the bank has issued 10 million-plus such alerts via text messages, emails and push notifications, according to an announcement today."
Banks Must Enter Businesses (Seemingly) Unrelated to Banking
"The startup scene offers a glimpse into what the future of banking services will look like (or at least a good chunk of it). The bank of the future will be more personal and tailor-made. Banks today find themselves stuck with legacy technology systems for the simple reason that it's so cumbersome to switch from one provider to another. But banks cannot assume their customers will always suffer from such inertia."
Report: Phone SIMs Are Hackable
"Many phone SIM cards can be hacked to reveal users’ physical location and — in some cases — their mobile banking information, a German security researcher has found. SIMs are the small, removable plastic cards maintain a person’s mobile identity, such as their phone number and which network to which they subscribe. At least 500 million of them, or about one-eighth of worldwide mobile phone users, are also hackable, said Karsten Nohl, founder of the Berlin-based Security Research Labs."
Improvements to Online Bank and Banking App Give Customers Even More Control
"Nationwide customers now have even more control over how they manage their money following a raft of improvements to the Society's digital banking services; its online bank and mobile banking app. The changes come as Nationwide is named "Best Online Banking Provider" and "Best Overall Online Provider" in the Your Money Direct Awards 2013."
Bluepoint Solutions Whitepaper “The Future of Mobile Banking” Explores the Evolution of the Mobile Channel
"Bluepoint Solutions today announced the availability of a new whitepaper entitled, "The Future of Mobile Banking." The paper reflects the drastic growth that has occurred in the mobile channel in the last several years and provides financial institutions with useful information to craft an effective mobile strategy."
'Technology Champions' Tout Digital Services at Mountain America
"At the $3.5 billion Mountain America Credit Union, it’s a snap for members to tap into technology, thanks to 78 specially trained employees that answer questions, give demonstrations and provide hands-on assistance. To promote new products and services such as P2P and mobile deposits, the 419,000-member Utah credit union has staffed each of its 76 branches, along with its service center and education department, with a designated 'technology champion.'"
Wednesday, July 31, 2013
Tuesday, July 30, 2013
International Mobile Banking Updates - July 30
Fostering Financial Inclusion with Mobile Banking
"The annual growth rates of mobile phone penetration in the developing world have ranged between 30% and 50% or higher, and penetration has been rapidly increasing. In Africa, mobile phone penetration has exploded during the last ten years. Between 1998 and 2009, Africa witnessed an increase from 0.53 per 100 people to 42.82 per 100 people. At the same time, the average price of a 2G handset decreased from USD 150 in 2003 to USD 75 in 2008. Africa is now considered to be the fastest emergent continent for ICT sector growth."
Mobiles becoming dominant for banks
"The growing love affair smartphone-toting Kiwis have with mobile banking is starting to push the desktop PC into second place. ASB is the first bank to reach a "tipping point" where more than half of all customers' online sessions are now taking place on mobile devices. Head of digital experience and commerce Michael Ramsay said the behavioural shift was one of the biggest and fastest the bank had observed in its 160-year history."
CBN to review mobile banking framework to accommodate telcos
"The Central Bank of Nigeria (CBN) has said there may be need to review the mobile banking framework in order to accommodate the telecommunication operators. This is in response to analysts question over non inclusion of telecommunication companies in the mobile banking operational plan by the CBN. Kola Adeyemo, assistant director, payment system policy and oversight division - banking and payment system department, CBN, who said this at the BusinessDay Mobile Money Roundtable in Lagos, also said there was need for these telcos to register subsidiary companies, which would be regulated by the CBN."
M-commerce boom in Zimbabwe
"Online and mobile transactions have for the first time surpassed card payments in Zimbabwe after recording 28,3% growth in the month of May. According to the Reserve Bank of Zimbabwe’s May 2013 monthly economic review, the value of mobile and Internet-based transactions rose from US$283,6m in April to $364m in May, while the total value of card-based transactions rose by 1,3% from $328,2m to $332,6m."
ACI Worldwide to power DBS’ IDEAL mobile banking platform in Asia
"Payment and banking system provider ACI Worldwide announced on Tuesday a partnership with DBS to deliver the IDEAL 3.0 regional internet and mobile banking platform to corporate customers in Asia."
IBM Extends Its Banking Tech Expertise Into Emerging Markets
"IBM is extending its expertise in laying the foundation for banking beyond the established world and into emerging countries. A modern, reliable, secure banking system is a basic requirement for economic growth. For emerging economies, developing such a banking system is both a challenge and opportunity; large portions of their populations may not have bank accounts or use banks regularly, creating an impediment to growth and development."
Online banking brings more customers to StanChart
"Standard Chartered Bank Malaysia experienced a tangible growth in the number of its active customers by over 700,000 over the last 12 months through its new digital strategy of online banking. According to its country head of Consumer Banking Sonia Wedrychowicz-Horbatowska, the growth is important for the bank to stay competitive."
Rise in mobile banking predicted
"Experts predict that mobile banking in the Middle East and Africa will jump from 19.8 million users to 82.1 million users by 2017. Over the last five years, the developing world has experienced substantial growth in the adoption of mobile technology. Emerging markets offer not only new possibilities for traditional banking but major potential for transformative banking, said a statement from Gemalto, a leader in digital security."
Westpac soliciting new ideas for mobile banking apps through a competition
"Westpac is spreading its net wide in the search for fresh mobile banking apps by soliciting ideas from outside the bank through a competition. The bank says it will "crowdsource" ideas for mobile banking apps from New Zealand developers and designers. In return they're being offered the carrots of cash and the chance to "take their app to the world." Westpac says the objective of "the Westpac App Challenge" is for developers and designers to use their experience as bank customers, alongside their professional skills, to make a process or service faster and easier via a mobile app."
Swedes snap up mobile banking
"'The number of people who download the mobile app is increasing and they are using it also once its installed. The app is very user friendly,' Handelsbanken press officer Henrik Westman told the TT news agency. With smartphones now the norm major Swedish banks like SEB, Handelsbanken, Nordea and Swedbank have reported that the number of mobile logins is more than online banking via a computer."
"The annual growth rates of mobile phone penetration in the developing world have ranged between 30% and 50% or higher, and penetration has been rapidly increasing. In Africa, mobile phone penetration has exploded during the last ten years. Between 1998 and 2009, Africa witnessed an increase from 0.53 per 100 people to 42.82 per 100 people. At the same time, the average price of a 2G handset decreased from USD 150 in 2003 to USD 75 in 2008. Africa is now considered to be the fastest emergent continent for ICT sector growth."
Mobiles becoming dominant for banks
"The growing love affair smartphone-toting Kiwis have with mobile banking is starting to push the desktop PC into second place. ASB is the first bank to reach a "tipping point" where more than half of all customers' online sessions are now taking place on mobile devices. Head of digital experience and commerce Michael Ramsay said the behavioural shift was one of the biggest and fastest the bank had observed in its 160-year history."
CBN to review mobile banking framework to accommodate telcos
"The Central Bank of Nigeria (CBN) has said there may be need to review the mobile banking framework in order to accommodate the telecommunication operators. This is in response to analysts question over non inclusion of telecommunication companies in the mobile banking operational plan by the CBN. Kola Adeyemo, assistant director, payment system policy and oversight division - banking and payment system department, CBN, who said this at the BusinessDay Mobile Money Roundtable in Lagos, also said there was need for these telcos to register subsidiary companies, which would be regulated by the CBN."
M-commerce boom in Zimbabwe
"Online and mobile transactions have for the first time surpassed card payments in Zimbabwe after recording 28,3% growth in the month of May. According to the Reserve Bank of Zimbabwe’s May 2013 monthly economic review, the value of mobile and Internet-based transactions rose from US$283,6m in April to $364m in May, while the total value of card-based transactions rose by 1,3% from $328,2m to $332,6m."
ACI Worldwide to power DBS’ IDEAL mobile banking platform in Asia
"Payment and banking system provider ACI Worldwide announced on Tuesday a partnership with DBS to deliver the IDEAL 3.0 regional internet and mobile banking platform to corporate customers in Asia."
IBM Extends Its Banking Tech Expertise Into Emerging Markets
"IBM is extending its expertise in laying the foundation for banking beyond the established world and into emerging countries. A modern, reliable, secure banking system is a basic requirement for economic growth. For emerging economies, developing such a banking system is both a challenge and opportunity; large portions of their populations may not have bank accounts or use banks regularly, creating an impediment to growth and development."
Online banking brings more customers to StanChart
"Standard Chartered Bank Malaysia experienced a tangible growth in the number of its active customers by over 700,000 over the last 12 months through its new digital strategy of online banking. According to its country head of Consumer Banking Sonia Wedrychowicz-Horbatowska, the growth is important for the bank to stay competitive."
Rise in mobile banking predicted
"Experts predict that mobile banking in the Middle East and Africa will jump from 19.8 million users to 82.1 million users by 2017. Over the last five years, the developing world has experienced substantial growth in the adoption of mobile technology. Emerging markets offer not only new possibilities for traditional banking but major potential for transformative banking, said a statement from Gemalto, a leader in digital security."
Westpac soliciting new ideas for mobile banking apps through a competition
"Westpac is spreading its net wide in the search for fresh mobile banking apps by soliciting ideas from outside the bank through a competition. The bank says it will "crowdsource" ideas for mobile banking apps from New Zealand developers and designers. In return they're being offered the carrots of cash and the chance to "take their app to the world." Westpac says the objective of "the Westpac App Challenge" is for developers and designers to use their experience as bank customers, alongside their professional skills, to make a process or service faster and easier via a mobile app."
Swedes snap up mobile banking
"'The number of people who download the mobile app is increasing and they are using it also once its installed. The app is very user friendly,' Handelsbanken press officer Henrik Westman told the TT news agency. With smartphones now the norm major Swedish banks like SEB, Handelsbanken, Nordea and Swedbank have reported that the number of mobile logins is more than online banking via a computer."
Sunday, July 28, 2013
Mobile Payments and Wallet - July 28
Visa, Movida, ICICI Bank expand mobile banking services to make India cashless
"Visa Inc. and Monitise’s joint venture, Movida, has partnered with India’s largest bank ICICI Bank to expand its mobile payments service. The mobile payments company launched last December after partnering with India’s second largest bank, HDFC. With the addition of ICICI, Movida will be able to reach more Indian consumers."
The Future of Mobile Payments and Banking
"The role of traditional banks continues to change, and more rapidly than before. Where we once would have had to queue up in a bank on the high street to pay utility bills or withdraw cash to make payments, we can now complete almost all of our transactions online without ever needing to set foot in a branch. So the role of the bank as a venue or outlet has already changed and continues to evolve to ensure it remains a relevant customer channel."
ProfitStars Introduces iPay OneClick Consumer Online Bill Pay and Andiamo, a Fast, Cost Effective Way to Deploy Mobile Services Without Core Integration
"Jack Henry & Associates Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division today introduced iPay OneClickTM and AndiamoTM from iPay Solutions™."
Illinois bank will allow Diebold ATM withdrawals via mobile wallet
"An Illinois bank has rolled out a service that will enable customers to use their cellphones to withdraw cash from Diebold ATMs. Mobile Cash Access, from Wintrust Financial Corporation, will use the Paydiant and FIS mobile wallet solution."
"Visa Inc. and Monitise’s joint venture, Movida, has partnered with India’s largest bank ICICI Bank to expand its mobile payments service. The mobile payments company launched last December after partnering with India’s second largest bank, HDFC. With the addition of ICICI, Movida will be able to reach more Indian consumers."
The Future of Mobile Payments and Banking
"The role of traditional banks continues to change, and more rapidly than before. Where we once would have had to queue up in a bank on the high street to pay utility bills or withdraw cash to make payments, we can now complete almost all of our transactions online without ever needing to set foot in a branch. So the role of the bank as a venue or outlet has already changed and continues to evolve to ensure it remains a relevant customer channel."
ProfitStars Introduces iPay OneClick Consumer Online Bill Pay and Andiamo, a Fast, Cost Effective Way to Deploy Mobile Services Without Core Integration
"Jack Henry & Associates Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division today introduced iPay OneClickTM and AndiamoTM from iPay Solutions™."
Illinois bank will allow Diebold ATM withdrawals via mobile wallet
"An Illinois bank has rolled out a service that will enable customers to use their cellphones to withdraw cash from Diebold ATMs. Mobile Cash Access, from Wintrust Financial Corporation, will use the Paydiant and FIS mobile wallet solution."
Thursday, July 25, 2013
Mobile Banking Updates - July 25
Banks Struggle with the Decision to Offer Small Business Apps
"Since Apple released the iPhone in 2007, mobile banking apps for retail banking customers have become the financial equivalent of the little black dress — a must have. Yet, one customer type has been neglected in the app stores: small business owners. 'The commercial market is still growing and there are a lot of things people are trying to figure out,' says Megan Minich, head of product delivery and channel delivery at Silicon Valley Bank. She has worked on commercial mobile apps since 2006."
Staying ahead in the mobile payments game
"Most banks are now aware of the potential risks and benefits that mobile technologies pose to their payment activities, but they continue to face challenges about how to roll out new payment services in a cost-effective and timely way. Even where new payment technologies can be rolled out by an individual player, a wider mobile ecosystem network will still be required to enable those tools to fully function. Third-party payment services can help banks to meet these challenges, particularly when technologies are launched using banks’ existing online and mobile banking channels."
Mobile vs. desktop-based online banking
"In an era of mobile first, when any software product manager is chastised for not putting mobile front and center in any roadmap, and when online giants like Facebook pivot to mobile in a big way (or at least try to), it is worth wondering if the desktop and laptop are still important or even relevant in consuming online banking services. By the look of it, we are past the point of considering that mobile banking would face a risk of not gaining traction because of security issues. These were the original concerns raised in the early days of internet banking adoption and those were alleviated. So mobile is here and mobile is big but will mobile kill the desktop in the delivery of financial services?"
Monitise Exec: Mobile Melds Offline, Digital Banking
"Welcome to PYMNTS.com’s Midyear Review: a look into what the leaders of the payments industry have seen and accomplished this calendar year, and how they see trends playing out for the rest of 2013. We ask a top executive from each payments player the same six questions about how the industry has improved, what it still needs, and how his or her company plans to stay ahead of the competition in a complex and dynamic payments world."
Mobile banking, sure. But what about mobile bankers? Charlotte tech firm has the app
"Zenmonics Inc. this week debuted mobileBanker, a mobile tablet computer app that the company says 'transforms the way bank personnel access information and interact with customers.' Zenmonics mobileBanker makes sales, marketing, transaction and account-services information available through a single interface on a tablet device. It enables bankers to work side by side with a client or prospect — inside the bank or out."
Mobile banking - it's time to believe
"Mobile banking is something that many in the UK banking sector have been resolutely sticking their heads in the sand about. Latest figures from industry analysts show that the UK lags well behind North America, Europe and Asia in the m-banking stakes. Heeding early reports that decried mobile as a fad, UK banks seemed to have stood pin striped shoulder to pin striped shoulder in their failure to think about mobile and how it could map on to their businesses and start delivering the bank of tomorrow. But by doing this, they could be in serious danger of losing market share."
"Since Apple released the iPhone in 2007, mobile banking apps for retail banking customers have become the financial equivalent of the little black dress — a must have. Yet, one customer type has been neglected in the app stores: small business owners. 'The commercial market is still growing and there are a lot of things people are trying to figure out,' says Megan Minich, head of product delivery and channel delivery at Silicon Valley Bank. She has worked on commercial mobile apps since 2006."
Staying ahead in the mobile payments game
"Most banks are now aware of the potential risks and benefits that mobile technologies pose to their payment activities, but they continue to face challenges about how to roll out new payment services in a cost-effective and timely way. Even where new payment technologies can be rolled out by an individual player, a wider mobile ecosystem network will still be required to enable those tools to fully function. Third-party payment services can help banks to meet these challenges, particularly when technologies are launched using banks’ existing online and mobile banking channels."
Mobile vs. desktop-based online banking
"In an era of mobile first, when any software product manager is chastised for not putting mobile front and center in any roadmap, and when online giants like Facebook pivot to mobile in a big way (or at least try to), it is worth wondering if the desktop and laptop are still important or even relevant in consuming online banking services. By the look of it, we are past the point of considering that mobile banking would face a risk of not gaining traction because of security issues. These were the original concerns raised in the early days of internet banking adoption and those were alleviated. So mobile is here and mobile is big but will mobile kill the desktop in the delivery of financial services?"
Monitise Exec: Mobile Melds Offline, Digital Banking
"Welcome to PYMNTS.com’s Midyear Review: a look into what the leaders of the payments industry have seen and accomplished this calendar year, and how they see trends playing out for the rest of 2013. We ask a top executive from each payments player the same six questions about how the industry has improved, what it still needs, and how his or her company plans to stay ahead of the competition in a complex and dynamic payments world."
Mobile banking, sure. But what about mobile bankers? Charlotte tech firm has the app
"Zenmonics Inc. this week debuted mobileBanker, a mobile tablet computer app that the company says 'transforms the way bank personnel access information and interact with customers.' Zenmonics mobileBanker makes sales, marketing, transaction and account-services information available through a single interface on a tablet device. It enables bankers to work side by side with a client or prospect — inside the bank or out."
Mobile banking - it's time to believe
"Mobile banking is something that many in the UK banking sector have been resolutely sticking their heads in the sand about. Latest figures from industry analysts show that the UK lags well behind North America, Europe and Asia in the m-banking stakes. Heeding early reports that decried mobile as a fad, UK banks seemed to have stood pin striped shoulder to pin striped shoulder in their failure to think about mobile and how it could map on to their businesses and start delivering the bank of tomorrow. But by doing this, they could be in serious danger of losing market share."
Wednesday, July 24, 2013
Mobile Banking Security - July 24
Easy Solutions Helps Fight Mobile Banking Fraud with Detect Safe Browsing (DSB) 4.0, Now Available for iPhone and Android
"Easy Solutions, the Total Fraud Protection(R) company, today released Detect Safe Browsing (DSB) version 4.0. With DSB 4.0, financial institution can provide an important additional layer of fraud prevention to the end-user, to better protect against malware and other sophisticated threats such as, pharming, man-in-the-middle (MITM) and man-in-the browser (MITB) attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90%(1) of mobile users can securely access their mobile banking accounts."
Threat of the Week: Time to Disconnect Android Phones?
"The news could not get worse. A week ago security firm BlueBox announced it had found a “master key” vulnerability – affecting 99% of Android phones – that theoretically would enable a cybercriminal to transform just about any app into malware. On its face, that says almost all Android phones are ticking time bombs and so the rumbling has started that just maybe credit unions and other financial institutions should politely but firmly advise their members to take their Androids elsewhere."
Banks Work Against Fraud Issues with Mobile Check Deposit
"The mobile banking feature that allows customers to deposit checks using their smartphones is now available at many banks and credit unions. Several readers have commented about the potential of fraud and abuse with this service. For example, how will banks prevent scammers from depositing a check into multiple accounts? This American Banker article, Mobile Check Deposit Boom Brings Risks, has an interesting review of the issue."
Banking Criminals Zero in on Cellphones
"Plain facts: more of us are doing a lot more reading of email, surfing of web pages and clicking on text messages on smartphones than ever before - duh. Obvious of course. What is not so obvious is that cybercriminals are connecting the dots, and they are zeroing in on the heightened vulnerabilities that come with reading on a small screen that can be downright peculiar in how legibly it shows text in lighting that is less than perfect."
"Easy Solutions, the Total Fraud Protection(R) company, today released Detect Safe Browsing (DSB) version 4.0. With DSB 4.0, financial institution can provide an important additional layer of fraud prevention to the end-user, to better protect against malware and other sophisticated threats such as, pharming, man-in-the-middle (MITM) and man-in-the browser (MITB) attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90%(1) of mobile users can securely access their mobile banking accounts."
Threat of the Week: Time to Disconnect Android Phones?
"The news could not get worse. A week ago security firm BlueBox announced it had found a “master key” vulnerability – affecting 99% of Android phones – that theoretically would enable a cybercriminal to transform just about any app into malware. On its face, that says almost all Android phones are ticking time bombs and so the rumbling has started that just maybe credit unions and other financial institutions should politely but firmly advise their members to take their Androids elsewhere."
Banks Work Against Fraud Issues with Mobile Check Deposit
"The mobile banking feature that allows customers to deposit checks using their smartphones is now available at many banks and credit unions. Several readers have commented about the potential of fraud and abuse with this service. For example, how will banks prevent scammers from depositing a check into multiple accounts? This American Banker article, Mobile Check Deposit Boom Brings Risks, has an interesting review of the issue."
Banking Criminals Zero in on Cellphones
"Plain facts: more of us are doing a lot more reading of email, surfing of web pages and clicking on text messages on smartphones than ever before - duh. Obvious of course. What is not so obvious is that cybercriminals are connecting the dots, and they are zeroing in on the heightened vulnerabilities that come with reading on a small screen that can be downright peculiar in how legibly it shows text in lighting that is less than perfect."
Tuesday, July 23, 2013
International Mobile Banking Updates - July 23
Over 80 million people in Middle East and Africa will turn to mobile banking by 2017
"Experts predict that mobile banking in the Middle East and Africa will jump from 19,8 million to 82,1 million users by 2017. Over the last five years the developing world has experienced substantial growth in the adoption of mobile technology. Emerging markets offer not only new possibilities for traditional banking but major potential for transformative banking."
BMI Bank launches mobile banking service
"Bahraini retail and commercial banking institution, BMI Bank recently announced the launch of a new service to help enhance its customers experience when interacting with the Bank. mBanking, the Bank's new mobile banking service, will enable customers to carry out most of their regular banking transactions in a convenient, safe and secure environment simply using their smartphones."
China Mobile and China UnionPay present NFC payments service
"Chinese bank card association China UnionPay and China Mobile, a mobile network operator, have rolled out their NFC payments service in over 14 cities, including Shanghai, Beijing and Guangzhou in the country. Available for Android devices, customers can send and receive mobile payments at participating merchants equipped with UnionPay QuickPass contactless POS terminals with the help of an NFC SIM card and mobile wallet application, as reported by the Nfcworld.com."
New tax sparks fears for the future of Uganda's mobile banking
"The Ugandan government has levied a 10 percent tax on mobile banking transactions, in a move some have criticized as being short-sighted and potentially harmful to the country's expanding mobile money industry. The country's finance ministry hopes to raise $12m from the mobile banking tax, which went into effect in early July. At least some of this money will come from remittances, which, according to finance minister Maria Kiwanuka, amounted to $767m last year. But the vast majority of mobile banking customers live in Uganda, and faced with rising transaction costs, many are starting to rethink the system altogether. This could spell trouble for Uganda's emerging mobile banking industry and the economic potential it represents."
FNB strides towards mobile banking
"FNB says that 10% of its banking clients accessed its website via a smart device over the past year to June 2013, up from 4% previously. The bank went live with its revamped website on Sunday (14 July 2013), aimed at an improved user experience and a responsive design enabling scalability to multiple devices. 'At least 900,000 clients have accessed FNB.co.za via a smart device and 10% of banking clients are accessing via a smart device…and growing. It was only 4% last year,' FNB CEO of Online Banking Lee-Anne van Zyl told BusinessTech."
Malaysia’s New Mobile Banking Platform: Poised for Success
"Bank Negara Malaysia has recently launched a new mobile payment channel called MyMobile through its wholly owned subsidiary Malaysian Economic Clearing Corporation (MyClear). For the kickoff, MyMobile has teamed up with the country’s three largest banks, CIMB, Maybank and Public Bank, as well as the three largest mobile operators, Maxis, Celcom and DiGi, who collectively represent 93 percent of the country’s market."
Paying mobile dividends, digital payments giving banks a run for their money
"Australia's big four make up a cosy oligopoly without any real competition, say the critics. But now cashed up global giants are muscling in to the mobile payment space. The likes of Apple, Google and PayPal are on the offensive giving consumers and merchants plenty of new options to choose from."
Judge dismisses legal action to shut down Safaricom’s M-Shwari service
"An injunction sought by Faulu Kenya, a Kenyan micro-finance provider, to shut down Safaricom’s M-Shwari mobile banking service – pending the outcome of a court case – has been dismissed by a judge according to local press reports. As part of its push to broaden the range of M-Pesa services, Safaricom launched a banking service last November in partnership with the Commercial Bank of Africa (CBA). Dubbed M-Shwari, which runs on the M-Pesa platform, the service offers loans and interest on deposit accounts."
RBC announces RBC Secure Cloud: The first cloud-based mobile payments solution in Canada
"RBC today announced its RBC Secure Cloud mobile payments service (patent-pending). This new technology, a first in Canada, will allow clients to more safely and securely pay for purchases using their mobile devices. Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster, more flexible solution. RBC will bring RBC Secure Cloud to market by the end of the year with debit and credit on a number of smartphone platforms."
TD thanks customers for eighth straight J.D. Power Award in customer satisfaction
"A leader in responding to customers evolving needs, TD Canada Trust has built a stellar reputation for exceptional customer service and convenience. Building on its commitment to delivering convenience to Canadians, TD Canada Trust has received the highest ranking in customer satisfaction among the Top Five banks for the eighth straight year by the J.D. Power 2013 Canadian Retail Banking Customer Satisfaction Study(SM). TD Canada Trust performs well in all seven factors, including channel activities; account information; facilities; product offerings; fees; financial advisor; and problem resolution."
"Experts predict that mobile banking in the Middle East and Africa will jump from 19,8 million to 82,1 million users by 2017. Over the last five years the developing world has experienced substantial growth in the adoption of mobile technology. Emerging markets offer not only new possibilities for traditional banking but major potential for transformative banking."
BMI Bank launches mobile banking service
"Bahraini retail and commercial banking institution, BMI Bank recently announced the launch of a new service to help enhance its customers experience when interacting with the Bank. mBanking, the Bank's new mobile banking service, will enable customers to carry out most of their regular banking transactions in a convenient, safe and secure environment simply using their smartphones."
China Mobile and China UnionPay present NFC payments service
"Chinese bank card association China UnionPay and China Mobile, a mobile network operator, have rolled out their NFC payments service in over 14 cities, including Shanghai, Beijing and Guangzhou in the country. Available for Android devices, customers can send and receive mobile payments at participating merchants equipped with UnionPay QuickPass contactless POS terminals with the help of an NFC SIM card and mobile wallet application, as reported by the Nfcworld.com."
New tax sparks fears for the future of Uganda's mobile banking
"The Ugandan government has levied a 10 percent tax on mobile banking transactions, in a move some have criticized as being short-sighted and potentially harmful to the country's expanding mobile money industry. The country's finance ministry hopes to raise $12m from the mobile banking tax, which went into effect in early July. At least some of this money will come from remittances, which, according to finance minister Maria Kiwanuka, amounted to $767m last year. But the vast majority of mobile banking customers live in Uganda, and faced with rising transaction costs, many are starting to rethink the system altogether. This could spell trouble for Uganda's emerging mobile banking industry and the economic potential it represents."
FNB strides towards mobile banking
"FNB says that 10% of its banking clients accessed its website via a smart device over the past year to June 2013, up from 4% previously. The bank went live with its revamped website on Sunday (14 July 2013), aimed at an improved user experience and a responsive design enabling scalability to multiple devices. 'At least 900,000 clients have accessed FNB.co.za via a smart device and 10% of banking clients are accessing via a smart device…and growing. It was only 4% last year,' FNB CEO of Online Banking Lee-Anne van Zyl told BusinessTech."
Malaysia’s New Mobile Banking Platform: Poised for Success
"Bank Negara Malaysia has recently launched a new mobile payment channel called MyMobile through its wholly owned subsidiary Malaysian Economic Clearing Corporation (MyClear). For the kickoff, MyMobile has teamed up with the country’s three largest banks, CIMB, Maybank and Public Bank, as well as the three largest mobile operators, Maxis, Celcom and DiGi, who collectively represent 93 percent of the country’s market."
Paying mobile dividends, digital payments giving banks a run for their money
"Australia's big four make up a cosy oligopoly without any real competition, say the critics. But now cashed up global giants are muscling in to the mobile payment space. The likes of Apple, Google and PayPal are on the offensive giving consumers and merchants plenty of new options to choose from."
Judge dismisses legal action to shut down Safaricom’s M-Shwari service
"An injunction sought by Faulu Kenya, a Kenyan micro-finance provider, to shut down Safaricom’s M-Shwari mobile banking service – pending the outcome of a court case – has been dismissed by a judge according to local press reports. As part of its push to broaden the range of M-Pesa services, Safaricom launched a banking service last November in partnership with the Commercial Bank of Africa (CBA). Dubbed M-Shwari, which runs on the M-Pesa platform, the service offers loans and interest on deposit accounts."
RBC announces RBC Secure Cloud: The first cloud-based mobile payments solution in Canada
"RBC today announced its RBC Secure Cloud mobile payments service (patent-pending). This new technology, a first in Canada, will allow clients to more safely and securely pay for purchases using their mobile devices. Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster, more flexible solution. RBC will bring RBC Secure Cloud to market by the end of the year with debit and credit on a number of smartphone platforms."
TD thanks customers for eighth straight J.D. Power Award in customer satisfaction
"A leader in responding to customers evolving needs, TD Canada Trust has built a stellar reputation for exceptional customer service and convenience. Building on its commitment to delivering convenience to Canadians, TD Canada Trust has received the highest ranking in customer satisfaction among the Top Five banks for the eighth straight year by the J.D. Power 2013 Canadian Retail Banking Customer Satisfaction Study(SM). TD Canada Trust performs well in all seven factors, including channel activities; account information; facilities; product offerings; fees; financial advisor; and problem resolution."
Sunday, July 21, 2013
Mobile Banking Updates - July 21
Future Mobile Awards - Winners Announced for Mobile Commerce
"Companies at the forefront of new developments in Mobile Commerce have been honoured in this year’s Juniper Research Future Mobile Awards."
Ad Lab: Banking Billboards, Print Ads And Outdoor Galore
"Here are two more excellent examples further illustrating the powerful relationship between that can be forged between outdoor marketing messages and their environmental context. In the first example from Palmetto Bank, you have to look closely to realize that it is actually a branch entrance in disguise — visitors have to walk right through the bank’s mobile app (quite a metaphor, if you think about it)."
We're witnessing the fastest ever shift in banking
"This week we're celebrating 5 years of the Apple App store (see Wired's commentary.) The realization that in 5 years mobile and apps have had such a huge impact on banking, can not be understated. Of course, there were many in the financial services space that were massively skeptical of the iPhone and Apps when they first launched in 2007. My favorite quotes come from a January 14th, 2007 article on Bloomberg, that contain the following gems:"
Diebold working on cardless ATM project
"Smartphones could replace the plastic card when stopping at the automated teller machine. Diebold has begun fitting ATMs for Wintrust Financial Corp., based in Lake Forest, Ill., so customers can make cash withdrawals using a smartphone. The test project has Diebold working with Paydiant, a company that provides cloud-based mobile payment services for banks and merchants. Wintrust is working with Fidelity National Information Services on the pilot program."
Mobile Banking on the Rise
"Banking has gone mobile. With over half of all American adults, about 56%, sporting smart phones, banks and other financial management tools have quickly adapted their systems to be compatible, secure and easy to use on mobile devices. Many smart phone users have already made the change from traditional to mobile banking and according to Consultants at the Aite Group, the number of people banking on their phones will triple by the year 2016."
Banks struggle to keep up with mobile demand
"While banks all have a mobile banking app, their clients are still pushing for more and more mobile capabilities. So says Mary Monahan, executive vice president and research director for Javelin Strategy & Research, a California company that rates banks on their mobile offerings. She says that many tech-savvy customers still 'cannot open accounts via smartphone, make payments, or deposit checks by snapping photos of them.'"
"Companies at the forefront of new developments in Mobile Commerce have been honoured in this year’s Juniper Research Future Mobile Awards."
Ad Lab: Banking Billboards, Print Ads And Outdoor Galore
"Here are two more excellent examples further illustrating the powerful relationship between that can be forged between outdoor marketing messages and their environmental context. In the first example from Palmetto Bank, you have to look closely to realize that it is actually a branch entrance in disguise — visitors have to walk right through the bank’s mobile app (quite a metaphor, if you think about it)."
We're witnessing the fastest ever shift in banking
"This week we're celebrating 5 years of the Apple App store (see Wired's commentary.) The realization that in 5 years mobile and apps have had such a huge impact on banking, can not be understated. Of course, there were many in the financial services space that were massively skeptical of the iPhone and Apps when they first launched in 2007. My favorite quotes come from a January 14th, 2007 article on Bloomberg, that contain the following gems:"
Diebold working on cardless ATM project
"Smartphones could replace the plastic card when stopping at the automated teller machine. Diebold has begun fitting ATMs for Wintrust Financial Corp., based in Lake Forest, Ill., so customers can make cash withdrawals using a smartphone. The test project has Diebold working with Paydiant, a company that provides cloud-based mobile payment services for banks and merchants. Wintrust is working with Fidelity National Information Services on the pilot program."
Mobile Banking on the Rise
"Banking has gone mobile. With over half of all American adults, about 56%, sporting smart phones, banks and other financial management tools have quickly adapted their systems to be compatible, secure and easy to use on mobile devices. Many smart phone users have already made the change from traditional to mobile banking and according to Consultants at the Aite Group, the number of people banking on their phones will triple by the year 2016."
Banks struggle to keep up with mobile demand
"While banks all have a mobile banking app, their clients are still pushing for more and more mobile capabilities. So says Mary Monahan, executive vice president and research director for Javelin Strategy & Research, a California company that rates banks on their mobile offerings. She says that many tech-savvy customers still 'cannot open accounts via smartphone, make payments, or deposit checks by snapping photos of them.'"
Thursday, July 18, 2013
Mobile Banking Updates - July 18
Banks ‘galloping ahead’ to help you manage your money on mobile
"Most of us will not consider our bank to be a hotbed of innovation. But banks are toying with various open-source projects and are rapidly developing ways to help you manage and share money from a smartphone. “For an industry that has been tarred with the brush of being old-fashioned, banks have realized they need to innovate fast and are galloping ahead,” said Mark Curtis, chief client officer for Fjord, onstage today at VentureBeat’s MobileBeat 2013 conference."
Nina the mobile accessibility assistant
"I went to the opera last week with some friends; they bought the tickets and I paid for dinner. At the end of the evening I owed them over a hundred pounds (the opera was excellent but expensive!!). How was I going to pay them? I do not carry that much cash, nor would they want it. I do not carry a cheque book with me, nor would they want the hassle of paying it in. Ringing up the telephone banking service on my mobile would take too long, credit and debit cards could not help. My mobile banking app would do the trick but is fiddly, so I went home, logged on to my online banking system went through the menus and transferred the money."
Banno scores assist on success of New York firm’s first mobile banking app
"When New York-based Generations Bank launched its first mobile banking app in February, Cedar Falls startup Banno was there to help power it. The app, called mygenmobile, has since grown twice as quickly as projected, according to a Banno press release today. Banno partnered with Allen, Texas-based software company ProfitStars on the project—a familiar pairing as the two companies collaborated last year on ProfitStars' iPay Solutions platform."
Big Data Innovation in Banking
"As financial institutions grapple with evolving business landscapes and increased information demand, finding optimal ways to store, organize and monetize the ever-increasing crush of data they possess is of crucial import. How effectively banks can make better business decisions based on the so-called "big data" they process on a daily basis will be crucial for the industry going forward, said Andy Hirst, senior director of Industry Marketing for SAP. Hirst, speaking on big data innovation at the International SAP Conference for Financial Services this week, noted that banks are inundated with new sources of information constantly."
"Most of us will not consider our bank to be a hotbed of innovation. But banks are toying with various open-source projects and are rapidly developing ways to help you manage and share money from a smartphone. “For an industry that has been tarred with the brush of being old-fashioned, banks have realized they need to innovate fast and are galloping ahead,” said Mark Curtis, chief client officer for Fjord, onstage today at VentureBeat’s MobileBeat 2013 conference."
Nina the mobile accessibility assistant
"I went to the opera last week with some friends; they bought the tickets and I paid for dinner. At the end of the evening I owed them over a hundred pounds (the opera was excellent but expensive!!). How was I going to pay them? I do not carry that much cash, nor would they want it. I do not carry a cheque book with me, nor would they want the hassle of paying it in. Ringing up the telephone banking service on my mobile would take too long, credit and debit cards could not help. My mobile banking app would do the trick but is fiddly, so I went home, logged on to my online banking system went through the menus and transferred the money."
Banno scores assist on success of New York firm’s first mobile banking app
"When New York-based Generations Bank launched its first mobile banking app in February, Cedar Falls startup Banno was there to help power it. The app, called mygenmobile, has since grown twice as quickly as projected, according to a Banno press release today. Banno partnered with Allen, Texas-based software company ProfitStars on the project—a familiar pairing as the two companies collaborated last year on ProfitStars' iPay Solutions platform."
Big Data Innovation in Banking
"As financial institutions grapple with evolving business landscapes and increased information demand, finding optimal ways to store, organize and monetize the ever-increasing crush of data they possess is of crucial import. How effectively banks can make better business decisions based on the so-called "big data" they process on a daily basis will be crucial for the industry going forward, said Andy Hirst, senior director of Industry Marketing for SAP. Hirst, speaking on big data innovation at the International SAP Conference for Financial Services this week, noted that banks are inundated with new sources of information constantly."
Wednesday, July 17, 2013
Mobile Banking Payments - July 17
NFC mobile payments: overcoming the barriers for banks
"The past few years have seen major changes to the way consumers make low value payments, from pre-paid wallets such as the Oyster Card through to Contactless Cards in retail transactions – thanks to Near Field Communication devices, writes Ben Leighton. Contactless cards in particular are gaining a good deal of momentum in the UK; the majority of major banks now issue them, and large retailers are increasingly accepting them. Only recently, Starbucks pledged to roll out contactless terminals at over 550 of its company-owned stores across the UK."
Mobile Bill Pay, RDC Outpacing P2P
"Major American banks have widely adopted mobile bill pay and remote deposit checking, a new report says, with person-to-person payments lagging behind. The Celent report – titled “The U.S. Mobile App Landscape: An Annual Evaluation of Mobile Banking at the Top U.S. Banks” – found that 55% of large banks offer bill pay, 31% offer mobile RDC and only 14% have rolled out P2P."
Braintree Collaborates with Simple, Launches Venmo Touch for Banking Customers
"Braintree, the global payment platform behind many of the best next-generation online and mobile purchasing experiences—including Hotel Tonight, Fab, Airbnb, Uber and Angry Birds—today announced it will offer Venmo Touch to card issuers and mobile banking providers, delivering one touch mobile payments to their customers. Braintree is collaborating with Simple, a leader in online and mobile banking, to give Simple customers access to Venmo Touch, extending their seamless mobile experience through to checkout. This is Braintree's first collaboration to offer direct banking integration for Venmo Touch."
"The past few years have seen major changes to the way consumers make low value payments, from pre-paid wallets such as the Oyster Card through to Contactless Cards in retail transactions – thanks to Near Field Communication devices, writes Ben Leighton. Contactless cards in particular are gaining a good deal of momentum in the UK; the majority of major banks now issue them, and large retailers are increasingly accepting them. Only recently, Starbucks pledged to roll out contactless terminals at over 550 of its company-owned stores across the UK."
Mobile Bill Pay, RDC Outpacing P2P
"Major American banks have widely adopted mobile bill pay and remote deposit checking, a new report says, with person-to-person payments lagging behind. The Celent report – titled “The U.S. Mobile App Landscape: An Annual Evaluation of Mobile Banking at the Top U.S. Banks” – found that 55% of large banks offer bill pay, 31% offer mobile RDC and only 14% have rolled out P2P."
Braintree Collaborates with Simple, Launches Venmo Touch for Banking Customers
"Braintree, the global payment platform behind many of the best next-generation online and mobile purchasing experiences—including Hotel Tonight, Fab, Airbnb, Uber and Angry Birds—today announced it will offer Venmo Touch to card issuers and mobile banking providers, delivering one touch mobile payments to their customers. Braintree is collaborating with Simple, a leader in online and mobile banking, to give Simple customers access to Venmo Touch, extending their seamless mobile experience through to checkout. This is Braintree's first collaboration to offer direct banking integration for Venmo Touch."
Tuesday, July 16, 2013
Mobile Banking Security - July 16
New Report: Consumers Say Security No. 1 Concern in Mobile Banking
"Security fears are the no. 1 barrier banks must face when introducing mobile banking to customers, according to a recent survey conducted by Monitise, which found that 70% of the respondents viewed security as a major concern in mobile banking. The survey also found that 71% of respondents ranked security as “highly important” in choosing or switching banks. Roughly 90% of users say they enter a user name and password to access mobile banking apps. Approximately half prefer to combine user name/password with knowledge-based answers and visual keys. And 68% indicated biometric features are important to them, while 35% say they are willing to pay extra for those features."
Fake CommBank Android security app targets mobile customers
"Online criminals are peddling a new mobile banking scam designed to bypass the Commonwealth Bank’s SMS authentication process for online transactions, by intercepting text messages and hijacking verification codes. Russian forensics firm Group-IB has uncovered the mobile banking trojan “hardcore88” being sold on Russian-language underground forums for Android devices. The trojan poses as a security app from CommBank, and is designed to block calls from the victim’s bank and capture incoming SMS messages that would otherwise carry the one-time verification passcode required to complete an online transaction."
Mobile Check Deposit Boom Brings Risks
"Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging for smartphone check deposits. A recent report from ath Power Consulting identifies remote deposit capture as mobile banking users' most desired app feature."
New Breed of Software Detects Malware from a Distance
"The biggest security threat banks face — malware that pervades their online and mobile banking users' devices — is being met by an increasingly sophisticated class of software called clientless malware detection. Mobile malware increased more than 600% in the past year, according to a recent survey from Juniper Networks — the number of malicious mobile apps has grown to 276,000."
Better Business Bureau: Mobile banking requires safeguards
"I listened intently as my wife worked her cellphone, punching in numbers, speaking to an automated answering system and entering verification codes. 'Make a payment,' she said in a loud, monotone voice. She completed her transaction, and I interjected: 'I thought you said you'd never use your cellphone to do your banking.' Her reply? 'Everything is getting safer in banking with mobile devices. Why not?'"
"Security fears are the no. 1 barrier banks must face when introducing mobile banking to customers, according to a recent survey conducted by Monitise, which found that 70% of the respondents viewed security as a major concern in mobile banking. The survey also found that 71% of respondents ranked security as “highly important” in choosing or switching banks. Roughly 90% of users say they enter a user name and password to access mobile banking apps. Approximately half prefer to combine user name/password with knowledge-based answers and visual keys. And 68% indicated biometric features are important to them, while 35% say they are willing to pay extra for those features."
Fake CommBank Android security app targets mobile customers
"Online criminals are peddling a new mobile banking scam designed to bypass the Commonwealth Bank’s SMS authentication process for online transactions, by intercepting text messages and hijacking verification codes. Russian forensics firm Group-IB has uncovered the mobile banking trojan “hardcore88” being sold on Russian-language underground forums for Android devices. The trojan poses as a security app from CommBank, and is designed to block calls from the victim’s bank and capture incoming SMS messages that would otherwise carry the one-time verification passcode required to complete an online transaction."
Mobile Check Deposit Boom Brings Risks
"Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging for smartphone check deposits. A recent report from ath Power Consulting identifies remote deposit capture as mobile banking users' most desired app feature."
New Breed of Software Detects Malware from a Distance
"The biggest security threat banks face — malware that pervades their online and mobile banking users' devices — is being met by an increasingly sophisticated class of software called clientless malware detection. Mobile malware increased more than 600% in the past year, according to a recent survey from Juniper Networks — the number of malicious mobile apps has grown to 276,000."
Better Business Bureau: Mobile banking requires safeguards
"I listened intently as my wife worked her cellphone, punching in numbers, speaking to an automated answering system and entering verification codes. 'Make a payment,' she said in a loud, monotone voice. She completed her transaction, and I interjected: 'I thought you said you'd never use your cellphone to do your banking.' Her reply? 'Everything is getting safer in banking with mobile devices. Why not?'"
Monday, July 15, 2013
International Mobile Banking Updates - July 15
BPI sees mobile banking transactions rising rapidly
"THE Bank of Philippine Islands (BPI) anticipates a sharp rise in mobile banking transactions this year. In a statement sent by e-mail, BPI executives said that since the first launching of their mobile banking application in 2011, more than half of mobile banking enrollees transact with the bank using their mobile apps. According to BPI executives, the number may rise further in the wake of the adoption of the latest version of the BPI Express Mobile App."
Mashreq Qatar launches smart banking with Snapp mobile banking app
"In its efforts to continue leading the banking space, the region's leading financial institution, Mashreq Qatar has officially launched state-of-the-art mobile banking app 'Snapp'. The fully-functional mobile banking service can be downloaded free of cost and is available to customers on Android and iOS platforms throughout Qatar."
Citi PH's mobile banking app offers 'one-time PIN'
"Citi Philippines has launched a "one-time personal identification number" (PIN) feature in the Citi Mobile banking app. Citi clients can now get a "one-time PIN" via SMS or on the online security device, offering greater convenience when making online banking transactions. The "one-time PIN" is a unique six-digit PIN that serves as a dynamic second-level authentication and allows users to access their account details and complete online transactions on their computers, tablets or mobile phones."
Polish banks unveil mobile payments standard
"Mobile payments looks set to receive a boost in Poland after six banks announced they will collaborate to create a new standard in the country. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure including standard authorisation and settlement. The system will be open to all market participants, including other banks, and will support abilities such as mobile cash withdrawal from ATMs and mobile money transfer."
Westpac launches home loan approval via mobile
"In a first for New Zealand and Australia, Westpac NZ customers can apply and secure approval for a home loan within minutes via their mobile phone. The new capability is part of the latest update for Westpac’s mobile banking app and is available now. Customers can fill out a home loan application, submit it and receive approval all via their phone. The entire process, including receiving the approval, takes just minutes and adds a new dimension to weekend house hunting, participating in auctions and the planning process in buying a home."
Africa's first Bitcoin wallet launches in Kenya
"Africa's first Bitcoin transfer service has launched in Kenya, piggybacking on M-Pesa, the country's highly successful mobile banking platform. The service, called Kipochi, will allow Kenyans to move money abroad while dodging the hefty transaction fees charged by companies like Western Union and MoneyGram. Kipochi -- which means purse in Swahili -- describes itself as a lightweight, easy-to-use Bitcoin wallet. Users only need an email address, phone number and passport or national identity number to sign up and can currently transfer up to one bitcoin a day using the service -- although this is expected to increase soon."
FNB revamps online banking
"First National Bank has given its online banking portal an overhaul. The new site is more minimalist and allows clients to use the full, online service on smartphones and tablet computers, in addition to laptops and desktops. The new website will be available to consumers on Sunday."
Santander unveils mobile banking service for small business customers
"Santander Business Banking has rolled out a new mobile banking service for small business customers, in a bid to offer convenient online payment channel to execute various banking services through their mobile phones. In order to access banking services through mobile phones and handheld devices with internet access, customers will have to register to Santander Online Business Banking, prior to sign up for the mobile banking service."
Kenya: CIO 100 - Old Mutual's Mobile Based Unit Trust Proves to Be a Hit in Kenya
"The last seven years have seen the mobile phone become quite a useful tool in East Africa, and especially in Kenya, where M-Pesa has become a global case study of the impact of mobile money. On Twitter, Carole Kimutai, editor - Management Magazine says "I am so amused watching bank CEOs brag about mobile banking. I remember how scared they were of M-Pesa. Times really change!" Mobile also emerged also prominently featured at the third CIO East Africa CIO 100 Annual awards and Symposium in Kigali, Rwanda."
"THE Bank of Philippine Islands (BPI) anticipates a sharp rise in mobile banking transactions this year. In a statement sent by e-mail, BPI executives said that since the first launching of their mobile banking application in 2011, more than half of mobile banking enrollees transact with the bank using their mobile apps. According to BPI executives, the number may rise further in the wake of the adoption of the latest version of the BPI Express Mobile App."
Mashreq Qatar launches smart banking with Snapp mobile banking app
"In its efforts to continue leading the banking space, the region's leading financial institution, Mashreq Qatar has officially launched state-of-the-art mobile banking app 'Snapp'. The fully-functional mobile banking service can be downloaded free of cost and is available to customers on Android and iOS platforms throughout Qatar."
Citi PH's mobile banking app offers 'one-time PIN'
"Citi Philippines has launched a "one-time personal identification number" (PIN) feature in the Citi Mobile banking app. Citi clients can now get a "one-time PIN" via SMS or on the online security device, offering greater convenience when making online banking transactions. The "one-time PIN" is a unique six-digit PIN that serves as a dynamic second-level authentication and allows users to access their account details and complete online transactions on their computers, tablets or mobile phones."
Polish banks unveil mobile payments standard
"Mobile payments looks set to receive a boost in Poland after six banks announced they will collaborate to create a new standard in the country. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure including standard authorisation and settlement. The system will be open to all market participants, including other banks, and will support abilities such as mobile cash withdrawal from ATMs and mobile money transfer."
Westpac launches home loan approval via mobile
"In a first for New Zealand and Australia, Westpac NZ customers can apply and secure approval for a home loan within minutes via their mobile phone. The new capability is part of the latest update for Westpac’s mobile banking app and is available now. Customers can fill out a home loan application, submit it and receive approval all via their phone. The entire process, including receiving the approval, takes just minutes and adds a new dimension to weekend house hunting, participating in auctions and the planning process in buying a home."
Africa's first Bitcoin wallet launches in Kenya
"Africa's first Bitcoin transfer service has launched in Kenya, piggybacking on M-Pesa, the country's highly successful mobile banking platform. The service, called Kipochi, will allow Kenyans to move money abroad while dodging the hefty transaction fees charged by companies like Western Union and MoneyGram. Kipochi -- which means purse in Swahili -- describes itself as a lightweight, easy-to-use Bitcoin wallet. Users only need an email address, phone number and passport or national identity number to sign up and can currently transfer up to one bitcoin a day using the service -- although this is expected to increase soon."
FNB revamps online banking
"First National Bank has given its online banking portal an overhaul. The new site is more minimalist and allows clients to use the full, online service on smartphones and tablet computers, in addition to laptops and desktops. The new website will be available to consumers on Sunday."
Santander unveils mobile banking service for small business customers
"Santander Business Banking has rolled out a new mobile banking service for small business customers, in a bid to offer convenient online payment channel to execute various banking services through their mobile phones. In order to access banking services through mobile phones and handheld devices with internet access, customers will have to register to Santander Online Business Banking, prior to sign up for the mobile banking service."
Kenya: CIO 100 - Old Mutual's Mobile Based Unit Trust Proves to Be a Hit in Kenya
"The last seven years have seen the mobile phone become quite a useful tool in East Africa, and especially in Kenya, where M-Pesa has become a global case study of the impact of mobile money. On Twitter, Carole Kimutai, editor - Management Magazine says "I am so amused watching bank CEOs brag about mobile banking. I remember how scared they were of M-Pesa. Times really change!" Mobile also emerged also prominently featured at the third CIO East Africa CIO 100 Annual awards and Symposium in Kigali, Rwanda."
Sunday, July 14, 2013
Mobile Banking Updates - July 14
Allied Payment Network and Malauzai Software Expand Picture PayTM Solution as a Stand-Alone Mobile Bill Payment Application
"Allied Payment Network, a provider of online bill payment services to the financial industry, and Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, announced that Picture PayTM is now available to any financial institution as a stand-alone mobile bill payment solution, even those that use a different mobile banking provider. Picture Pay can now be implemented by any bank or credit union as a separate mobile application. The stand-alone Picture Pay solution is compatible with any core banking system or mobile platform and no technology integrations are required. The app can be live and in use by customers and members within 60 days of the project start date."
Yet another bank fee could be a pain in the app
"Al Falussy is on the go. A sales executive at lighting company Stan Deutsch Associates, the Long Island, N.Y., resident is a frequent user of his mobile banking app to get balance alerts, send money to employees and family, and deposit money from places where no branches are nearby. But if Falussy's bank of choice — JP Morgan Chase — started charging to use the app? He'd switch banks."
Why Mobile Banking Needs an Upgrade
"Mobile is often touted as banking's most efficient delivery channel. But gaps and glitches suggest that banks' mobile apps sometimes fail to deliver."
The mobile m-banking revolution is being led by consumers and reaching collections
"Bankers will undoubtedly take the credit for the advances in mobile banking, but should they? Who is really leading the mobile banking and collections revolution, asks Daniel Melo, a banking analytics consultant for Fico in Europe, Middle-east and Africa (EMEA). In my opinion the answer is consumers. It is the consumerisation of IT trend that is pushing banks to do more with the mobile channel. Consumers are rewarding tech savvy banks by paying overdue debts faster, accessing self-service options, and responding quickly to fraud alerts he says in this debt collection focused article."
5 Cool Tech Tools to Boost Efficiency, Service, Membership
"To enhance customer service, improve operational efficiency and entice new members, especially younger ones, credit unions of all sizes are tapping into new technology such as social media and rolling out cool tech tools such as mobile apps and video tellers. Yet, credit unions face challenges selecting from the plethora of products and providers entering the market. Tighter IT budgets make it imperative to find cost-effective solutions that engage members across multiple channels."
Consumer Reports: Save time, money with these bank perks
"Paying your bills and taking care of other banking chores is a pain. Even more painful: the fees you'll face if you don't do them when you need to. But here's good news from ShopSmart, the shopping magazine from the publisher of Consumer Reports: Banks have introduced five services that make those tasks easier and more rewarding."
Interview: Ian Bright of ING on the 2013 edition of the Mobile Banking & Social Media Survey
"The lead author of the ING International Surveys, ING senior economist Ian Bright, talks through some of the highlights of a major, new survey of 12,000 people on mobile banking and social media; A very revealing and quite enlightening piece that's worth sharing (and "Twitting" and "Facebooking")."
Banking goes mobile (with a few hitches)
"Dan Brower fished a much-awaited check from his mailbox but didn't have time to swing by his bank's branch. So the Kansas City resident fired up his 2-week-old iPhone, and with just a flick of his finger — disappointment. Commerce Bank's mobile banking application doesn't accept deposits."
Generations Bank Deploys First Mobile App
"Generations Bank ($264 million assets) has launched its first mobile app, mygenmobile.The app is powered by the partnership between Banno and ProfitStars®, a division of Jack Henry & Associates Inc.®. Seneca Falls, N.Y.-based Generations Bank launched mygenmobile in February and customer adoption is growing twice as fast as what the bank projected. Furthermore, usage is strong; in one month, half of the app's subscribers accessed it more than 10 times. The top 10 percent entered mygenmobile at least 45 times, the top 5 percent at least 60 times, and the top 1 percent at least 95 times."
"Allied Payment Network, a provider of online bill payment services to the financial industry, and Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, announced that Picture PayTM is now available to any financial institution as a stand-alone mobile bill payment solution, even those that use a different mobile banking provider. Picture Pay can now be implemented by any bank or credit union as a separate mobile application. The stand-alone Picture Pay solution is compatible with any core banking system or mobile platform and no technology integrations are required. The app can be live and in use by customers and members within 60 days of the project start date."
Yet another bank fee could be a pain in the app
"Al Falussy is on the go. A sales executive at lighting company Stan Deutsch Associates, the Long Island, N.Y., resident is a frequent user of his mobile banking app to get balance alerts, send money to employees and family, and deposit money from places where no branches are nearby. But if Falussy's bank of choice — JP Morgan Chase — started charging to use the app? He'd switch banks."
Why Mobile Banking Needs an Upgrade
"Mobile is often touted as banking's most efficient delivery channel. But gaps and glitches suggest that banks' mobile apps sometimes fail to deliver."
The mobile m-banking revolution is being led by consumers and reaching collections
"Bankers will undoubtedly take the credit for the advances in mobile banking, but should they? Who is really leading the mobile banking and collections revolution, asks Daniel Melo, a banking analytics consultant for Fico in Europe, Middle-east and Africa (EMEA). In my opinion the answer is consumers. It is the consumerisation of IT trend that is pushing banks to do more with the mobile channel. Consumers are rewarding tech savvy banks by paying overdue debts faster, accessing self-service options, and responding quickly to fraud alerts he says in this debt collection focused article."
5 Cool Tech Tools to Boost Efficiency, Service, Membership
"To enhance customer service, improve operational efficiency and entice new members, especially younger ones, credit unions of all sizes are tapping into new technology such as social media and rolling out cool tech tools such as mobile apps and video tellers. Yet, credit unions face challenges selecting from the plethora of products and providers entering the market. Tighter IT budgets make it imperative to find cost-effective solutions that engage members across multiple channels."
Consumer Reports: Save time, money with these bank perks
"Paying your bills and taking care of other banking chores is a pain. Even more painful: the fees you'll face if you don't do them when you need to. But here's good news from ShopSmart, the shopping magazine from the publisher of Consumer Reports: Banks have introduced five services that make those tasks easier and more rewarding."
Interview: Ian Bright of ING on the 2013 edition of the Mobile Banking & Social Media Survey
"The lead author of the ING International Surveys, ING senior economist Ian Bright, talks through some of the highlights of a major, new survey of 12,000 people on mobile banking and social media; A very revealing and quite enlightening piece that's worth sharing (and "Twitting" and "Facebooking")."
Banking goes mobile (with a few hitches)
"Dan Brower fished a much-awaited check from his mailbox but didn't have time to swing by his bank's branch. So the Kansas City resident fired up his 2-week-old iPhone, and with just a flick of his finger — disappointment. Commerce Bank's mobile banking application doesn't accept deposits."
Generations Bank Deploys First Mobile App
"Generations Bank ($264 million assets) has launched its first mobile app, mygenmobile.The app is powered by the partnership between Banno and ProfitStars®, a division of Jack Henry & Associates Inc.®. Seneca Falls, N.Y.-based Generations Bank launched mygenmobile in February and customer adoption is growing twice as fast as what the bank projected. Furthermore, usage is strong; in one month, half of the app's subscribers accessed it more than 10 times. The top 10 percent entered mygenmobile at least 45 times, the top 5 percent at least 60 times, and the top 1 percent at least 95 times."
Thursday, July 11, 2013
Mobile Banking Updates - July 11
Mobile Banking? There’s an App for That — and Often a Sizable Fee Too
"Banking with your smartphone? There’s an app for that. But some customers are finding there’s a fee for it as well. Mobile banking has grown significantly in the past couple of years. The Pew Research Center says more than half of Americans now have smartphones. Consultants at the Aite Group said in a report last year that the number of people banking on their phones will triple by 2016."
BBVA Compass economists examine mobile banking, crowdfunding, other trends in latest quarterly report
"The financial industry faces its most dramatic transformation in modern history because of increased online and mobile device usage, which will make banks more productive but also boost competition from nonbanks, BBVA Compass economists say in their latest report. This "transformation will result in a more efficient financial system that will be in a stronger position to support economic growth and wealth creation," the economists say. Every quarter, the bank's economic research team publishes its Economic Outlook, a report focused on a variety of issues that affect the U.S. as a whole as well as the Sunbelt states where BBVA Compass operates."
Key Considerations for Testing Voice Recognition in Mobile Banking Applications
"Traditionally, banks have been burdened with high regulations and slow processes. Mobile is completely changing all of that. Mobile has quickly forced banks to catch up with their customers and embrace mobile apps. According to an inforgraphic produced by analytics solutions provider FICO, one billion people are projected to use mobile banking by 2017. Banks are continually innovating and improving their mobile services and even incorporating voice recognition."
New Access publishes a white paper on mobile banking apps
"New Access SA, a leading provider of front office solutions to banks and financial institutions, announces the publication of a white paper on Mobile Banking Apps by David Sikorsky, Head of Market Research. Tablet apps offered to wealth management advisors are in a transition phase right now. While all research points to the fact that it will become a transformational technology for the sector, very few software solutions vendors seem to take it seriously and very few banks, outside of the US, have a clearly defined strategy. Larger IT vendors are not yet very well organized and many banks are still defining their strategies. In terms of functionality, research shows that the tablet apps will initially be used to create a better client experience and facilitate interaction between client-adviser, during account opening and account review processes.
Virtual Piggy Hires Creative Director with Mobile Banking Chops
"Virtual Piggy, the parent-controlled money management platform for children, added an experienced mobile banking designer as its new creative director of mobile design. Ivo Weevers will lead and manage the mobile consumer experience team for Virtual Piggy, a company that enables young people to make purchases under the supervision of their parents. His past work includes leading mobile design at Royal Bank of Scotland and he is a recipient of the British Interactive Media Association's Innovation Award for his work developing mobile payments technology."
Pay-What-You-Want GoBank Puts Mobile Users First
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public [recently], GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."
Intuit Pares Back, Refocuses with Financial Services Sale
"Intuit is selling a division that provides software to financial institutions in a deal worth about $1.03 billion as it focuses on products for consumers and small businesses. Intuit Inc., based in Mountain View, California, makes TurboTax, QuickBooks and other personal finance software. The company is still paring back its business. It also said Monday that it wants to sell a division that serves the health care industry."
"Banking with your smartphone? There’s an app for that. But some customers are finding there’s a fee for it as well. Mobile banking has grown significantly in the past couple of years. The Pew Research Center says more than half of Americans now have smartphones. Consultants at the Aite Group said in a report last year that the number of people banking on their phones will triple by 2016."
BBVA Compass economists examine mobile banking, crowdfunding, other trends in latest quarterly report
"The financial industry faces its most dramatic transformation in modern history because of increased online and mobile device usage, which will make banks more productive but also boost competition from nonbanks, BBVA Compass economists say in their latest report. This "transformation will result in a more efficient financial system that will be in a stronger position to support economic growth and wealth creation," the economists say. Every quarter, the bank's economic research team publishes its Economic Outlook, a report focused on a variety of issues that affect the U.S. as a whole as well as the Sunbelt states where BBVA Compass operates."
Key Considerations for Testing Voice Recognition in Mobile Banking Applications
"Traditionally, banks have been burdened with high regulations and slow processes. Mobile is completely changing all of that. Mobile has quickly forced banks to catch up with their customers and embrace mobile apps. According to an inforgraphic produced by analytics solutions provider FICO, one billion people are projected to use mobile banking by 2017. Banks are continually innovating and improving their mobile services and even incorporating voice recognition."
New Access publishes a white paper on mobile banking apps
"New Access SA, a leading provider of front office solutions to banks and financial institutions, announces the publication of a white paper on Mobile Banking Apps by David Sikorsky, Head of Market Research. Tablet apps offered to wealth management advisors are in a transition phase right now. While all research points to the fact that it will become a transformational technology for the sector, very few software solutions vendors seem to take it seriously and very few banks, outside of the US, have a clearly defined strategy. Larger IT vendors are not yet very well organized and many banks are still defining their strategies. In terms of functionality, research shows that the tablet apps will initially be used to create a better client experience and facilitate interaction between client-adviser, during account opening and account review processes.
Virtual Piggy Hires Creative Director with Mobile Banking Chops
"Virtual Piggy, the parent-controlled money management platform for children, added an experienced mobile banking designer as its new creative director of mobile design. Ivo Weevers will lead and manage the mobile consumer experience team for Virtual Piggy, a company that enables young people to make purchases under the supervision of their parents. His past work includes leading mobile design at Royal Bank of Scotland and he is a recipient of the British Interactive Media Association's Innovation Award for his work developing mobile payments technology."
Pay-What-You-Want GoBank Puts Mobile Users First
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public [recently], GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."
Intuit Pares Back, Refocuses with Financial Services Sale
"Intuit is selling a division that provides software to financial institutions in a deal worth about $1.03 billion as it focuses on products for consumers and small businesses. Intuit Inc., based in Mountain View, California, makes TurboTax, QuickBooks and other personal finance software. The company is still paring back its business. It also said Monday that it wants to sell a division that serves the health care industry."
Wednesday, July 10, 2013
Mobile Payments - July 10
Will 2014 be the year that mobile payments succeed?
"2011...2012...2013… each have been touted as the year that mobile payments will reach a tipping point, yet it would seem that adoption is lagging behind the news hype, at least in the UK. While mobile banking is now mainstream and accepted (even demanded for by some consumers), we just don’t seem to have taken to mobile payments at the point of sale as quickly. But is all this is about to change?"
Will Consumers Cash in on Mobile Payments?
"Whether it’s checking the weather, getting directions or sharing photos, people use their smartphones for just about everything these days. However, there’s one function that has yet to capture widespread attention: mobile payments. Despite a relatively slow start, a Gartner report predicts a 44% global increase in mobile commerce by the end of 2013, totaling $235 billion in transactions. However, mobile consumer purchases will remain a distant third to bill payments and money transfers."
"2011...2012...2013… each have been touted as the year that mobile payments will reach a tipping point, yet it would seem that adoption is lagging behind the news hype, at least in the UK. While mobile banking is now mainstream and accepted (even demanded for by some consumers), we just don’t seem to have taken to mobile payments at the point of sale as quickly. But is all this is about to change?"
Will Consumers Cash in on Mobile Payments?
"Whether it’s checking the weather, getting directions or sharing photos, people use their smartphones for just about everything these days. However, there’s one function that has yet to capture widespread attention: mobile payments. Despite a relatively slow start, a Gartner report predicts a 44% global increase in mobile commerce by the end of 2013, totaling $235 billion in transactions. However, mobile consumer purchases will remain a distant third to bill payments and money transfers."
Tuesday, July 9, 2013
International Mobile Banking Updates - July 9
Nigeria: CBN Explains Restriction of Telcos From Mobile Banking Services
"The Central Bank of Nigeria (CBN) yesterday gave reasons for the restriction of telecommunication companies from offering mobile banking services in the country. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, stated that telcos were not given the opportunity to provide mobile payment services because the central bank did not have direct control over them."
CBN Blames Failure Of Telecoms Synergy On Mobile Payment Hassles
"The CBN says its inability to regulate operation of the telecoms is responsible for their exclusion in the mobile banking system, an approach which is being criticised by analysts. CBN’s Director, Banking and Payments system department, Mr Titus Fatokun, however, says that despite this development, mobile money transfer has recorded N9.2 billion in value and 275,558 in volume as at May 2013."
ING GROEP : European consumers empowered by mobile banking
"More than a third (37%) of almost 12,000 internet users surveyed in 12 European countries are already using mobile banking - and many credit the technology with providing more control over their money. While being able to bank on the go is very popular, cash is still favoured for ultimate control of budgeting and spending. Social media is booming and is mostly used to get better insight into money matters and is set to grow as many young people expect to be able to make payments via social media, according to the ING report entitled Financial Empowerment in the Digital Age."
Monitise and Telefonica Enter Mobile Money Partnership
"Monitise plc UK:MONI -1.38% announces it has become the preferred Mobile Money technology partner for Telefonica Digital to develop and manage new and existing mobile payment and commerce services for its customers."
HSBC Bank Oman launches secure key for internet banking and upgrades mobile banking app
"Having been the first bank to provide Internet Banking in the Sultanate, it is now one of the first banks in Oman to offer this service. Secure Key provides customers with an extra layer of security when they access their accounts online, bringing the best of HSBC's global capabilities and technical expertise to customers across the Sultanate in a simple, secure and efficient way. The bank has also upgraded its mobile banking app which is available for Android powered devices. With its new look and feel and simplified navigation, the new app allows customers' funds transfer facilities between their HSBC accounts, in addition to a better user experience."
Standard Bank closes WAP mobile banking
"Standard Bank is set to discontinue its Wireless Application Protocol (WAP) cellphone banking service from 8 July 2013. The bank notes that this service makes up only a fraction of its total mobile banking registered customer base, saying further that its app service has achieved 170,000 unique registered users since it launched a year ago. As at 31 December 2012, the bank claimed to have 11 million retail and business customers in South Africa."
Product review: Barclays’ CashSend, Hello Money
"The single biggest weapon in the mobile money transfer services (MMT) arsenal — EcoCash — is, however, effectively in the hands of a non-bank player and it has made significant inroads into traditional banking territory. While banks are expected to wage a sustained battle for a piece of the unbanked pie, it would be unwise for them to concentrate only — or mainly — on that without also coming up with strategies for protecting their existing customers from the onslaught of game-changing MMT products such as EcoCash. In their quest to craft appropriate strategic responses, banks have responded in basically two ways."
"The Central Bank of Nigeria (CBN) yesterday gave reasons for the restriction of telecommunication companies from offering mobile banking services in the country. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, stated that telcos were not given the opportunity to provide mobile payment services because the central bank did not have direct control over them."
CBN Blames Failure Of Telecoms Synergy On Mobile Payment Hassles
"The CBN says its inability to regulate operation of the telecoms is responsible for their exclusion in the mobile banking system, an approach which is being criticised by analysts. CBN’s Director, Banking and Payments system department, Mr Titus Fatokun, however, says that despite this development, mobile money transfer has recorded N9.2 billion in value and 275,558 in volume as at May 2013."
ING GROEP : European consumers empowered by mobile banking
"More than a third (37%) of almost 12,000 internet users surveyed in 12 European countries are already using mobile banking - and many credit the technology with providing more control over their money. While being able to bank on the go is very popular, cash is still favoured for ultimate control of budgeting and spending. Social media is booming and is mostly used to get better insight into money matters and is set to grow as many young people expect to be able to make payments via social media, according to the ING report entitled Financial Empowerment in the Digital Age."
Monitise and Telefonica Enter Mobile Money Partnership
"Monitise plc UK:MONI -1.38% announces it has become the preferred Mobile Money technology partner for Telefonica Digital to develop and manage new and existing mobile payment and commerce services for its customers."
HSBC Bank Oman launches secure key for internet banking and upgrades mobile banking app
"Having been the first bank to provide Internet Banking in the Sultanate, it is now one of the first banks in Oman to offer this service. Secure Key provides customers with an extra layer of security when they access their accounts online, bringing the best of HSBC's global capabilities and technical expertise to customers across the Sultanate in a simple, secure and efficient way. The bank has also upgraded its mobile banking app which is available for Android powered devices. With its new look and feel and simplified navigation, the new app allows customers' funds transfer facilities between their HSBC accounts, in addition to a better user experience."
Standard Bank closes WAP mobile banking
"Standard Bank is set to discontinue its Wireless Application Protocol (WAP) cellphone banking service from 8 July 2013. The bank notes that this service makes up only a fraction of its total mobile banking registered customer base, saying further that its app service has achieved 170,000 unique registered users since it launched a year ago. As at 31 December 2012, the bank claimed to have 11 million retail and business customers in South Africa."
Product review: Barclays’ CashSend, Hello Money
"The single biggest weapon in the mobile money transfer services (MMT) arsenal — EcoCash — is, however, effectively in the hands of a non-bank player and it has made significant inroads into traditional banking territory. While banks are expected to wage a sustained battle for a piece of the unbanked pie, it would be unwise for them to concentrate only — or mainly — on that without also coming up with strategies for protecting their existing customers from the onslaught of game-changing MMT products such as EcoCash. In their quest to craft appropriate strategic responses, banks have responded in basically two ways."
Sunday, July 7, 2013
Mobile Banking Updates - July 7
"Banking fees appear to be coming to your phones and tablets. As more and more banks offer the speed and convenience of mobile banking they are also finding that it can be a lucrative revenue stream as well."
Jack Henry Service to Help Banks Prepare for Digital Banking Rules
"Although there are few industries as heavily regulated as banking, Washington has yet to provide clear rules around online and mobile banking. With that in mind, Jack Henry & Associates is launching a framework to help banks navigate federal and state standards for their online and mobile banking operations. The service is called Gladiator."
How to Modify Mobile Banking Behaviors to Maximize Cost Savings: Javelin
"Financial institutions are reaping huge cost savings as consumers, in droves, switch from brick and mortar banking to mobile banking, but most are leaving money on the table because they fail to take a few, small steps to modify consumer behaviors, claims a new study from Javelin Strategy & Research. Javelin numbers peg the average cost of an in-branch transaction at $4.25. The same transaction performed with a mobile device costs a dime, said Mary Monahan, who underlined that this highlights the economic incentives in driving mobile traffic."
Research and Markets: Leveraging An Omnichannel Approach To Drive $1.5B In Mobile Banking Cost Savings
"Mobile bankers are valuable customers: rich, young, and flush with profitable bank products and services. The products and services are saving financial institution money as the number of mobile bankers has grown, branch visitation has decreased considerably. However, mobile channels have not yet offset physical channel preference among mobile bankers."
100 mobile industry leaders to take MobileBeat by storm
"MobileBeat 2013 is coming up next Tuesday and Wednesday, July 9-July 10, in San Francisco, and we’ve got over 100 thought leaders lined up. This is your chance to learn from the top people in the mobile industry, from executives at major handset manufacturers to the founders of some of the hottest mobile startups."
Union Bank launches new website, mobile banking
"Union Bank has announced the launch of a new corporate website as well as a mobile site and mobile banking application (app). The website offers a number of new features including online applications for opening a new account, online help and resources, and several educational modules on getting smart about credit, fraud protection and more.
Credit Union Mobile Banking Adoption Rates Skyrocket
"Mobile banking adoption rates are exploding, soaring from 20% in 2011 to 33% today, according to a 2013 survey by non-profit electronics payment organization, SWACHA. Only four years ago mobile banking adoption rates were at a meager 7%, demonstrating that the available technology has ignited a revolution and direct shift in how consumers do business with their financial institution."
Interneer Selected by Los Angeles Firemen's Credit Union to Streamline and Automate Member Services and Online Banking
"Interneer, Inc., a leading provider of Business Process Management (BPM) software for process automation applications and smart mobile apps, today announced that Los Angeles Firemen's Credit Union (LAFCU) selected Interneer Intellect 7 to streamline and automate member services and online banking, resulting in an improved customer experience, greater operational efficiency, and audit compliance."
Friday, July 5, 2013
Mobile Banking Security - July 5
Banking fraud targets device vulnerabilities
"A statement released by the South African Banking Risk information Centre (Sabric) has highlighted the importance of vigorous security measures for both PC and mobile consumers to avoid banking fraud. According to Sabric, criminals are able to send malware, or malicious software, to customers’ devices, enabling them to capture keystrokes, while mobile banking takes place from that device. The malicious software can include worms, viruses or Trojans, and devices are often infected when users download software from unverified sources."
Is Mobile Guidance on the Way?
"U.S. banking institutions should be bracing now for new mobile banking and payments security guidelines from regulators or updates to existing guidance, a growing number of banking leaders and mobile experts are concluding. Recent discussions among regulators and banking leaders about mobile risks, as well as the issuance of papers related to mobile best practices, suggest some type of security update related to mobile is on the way."
ACI Worldwide Bolsters Online and Mobile Fraud Management Capabilities
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of banking and payment systems, today announced the release of the latest version of ACI Proactive Risk Manager, the company’s payments fraud management solution. Designed to help customers better detect and prevent fraud across a range of payment types, Release 8.2 offers unprecedented flexibility in monitoring both online and mobile channels, as well as wholesale transactions including wire and ACH for potential fraud. This will enable businesses to more quickly and easily uncover and mitigate incidents before they adversely impact the bottom line."
"A statement released by the South African Banking Risk information Centre (Sabric) has highlighted the importance of vigorous security measures for both PC and mobile consumers to avoid banking fraud. According to Sabric, criminals are able to send malware, or malicious software, to customers’ devices, enabling them to capture keystrokes, while mobile banking takes place from that device. The malicious software can include worms, viruses or Trojans, and devices are often infected when users download software from unverified sources."
Is Mobile Guidance on the Way?
"U.S. banking institutions should be bracing now for new mobile banking and payments security guidelines from regulators or updates to existing guidance, a growing number of banking leaders and mobile experts are concluding. Recent discussions among regulators and banking leaders about mobile risks, as well as the issuance of papers related to mobile best practices, suggest some type of security update related to mobile is on the way."
ACI Worldwide Bolsters Online and Mobile Fraud Management Capabilities
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of banking and payment systems, today announced the release of the latest version of ACI Proactive Risk Manager, the company’s payments fraud management solution. Designed to help customers better detect and prevent fraud across a range of payment types, Release 8.2 offers unprecedented flexibility in monitoring both online and mobile channels, as well as wholesale transactions including wire and ACH for potential fraud. This will enable businesses to more quickly and easily uncover and mitigate incidents before they adversely impact the bottom line."
Thursday, July 4, 2013
Mobile Banking Updates - July 4
Would You Pay a $5 Mobile Banking Fee (Video)
To Boost Mobile Banking Adoption, Engage Branch and Call Center Staff Says Fiserv White Paper
"Fiserv, Inc. FISV -0.74% , a leading global provider of financial services technology solutions, has published a new white paper that explains how financial institutions can boost mobile banking adoption by utilizing frontline staff at branches and call centers as mobile banking experts. The complimentary white paper, "Mobile Banking Adoption: Your Frontline Staff Holds the Key to Growth," can be downloaded at fiserv.com/frontline-staff."
Q2ebanking Partners With Banking Software Firm Andera
"Austin-based Q2ebanking, the developer of mobile banking software, said today that it has signed a strategic reseller partnership with Andera. Andera is a software-as-a-services company focused on account opening and lending for banks and credit unions. Q2ebanking said the move adds Andera's platform to its ebanking platform, letting financial institutions open accounts, originate loans, and sign documents electronically. Financial details of the partnership were not announced."
Tuesday, July 2, 2013
Mobile Banking Updates - July 2
Pay-what-you-want GoBank puts mobile users first
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public on Tuesday, GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."
Mobile Banking Activity Rose in May
"Along with temperatures in most parts of the country, mobile banking activity continued to increase in May. The overall value of American Banker's Mobile Banking Intensity Index was 73.8 for that month, a significant increase over April's value of 70.4. Many of the bankers surveyed for the index said adoption of mobile banking continues to grow as more customers become comfortable with it."
First Data Survey: Smartphones Are Shaping Mobile Banking
"If credit unions need more evidence about the importance of offering mobile banking, another study concludes that consumers want it all--in the palm of their hand. Consumers expect strikingly similar mobile and technology-powered experiences from financial institutions and businesses, and their expectations are fueled by skyrocketing smartphone use, according to a new study from Atlanta-based First Data."
Banking on smartphones
"When online banking first came on the scene it heralded a new era where customers could check their balance and pay their bills any time, day or night. A few banks integrated it immediately into their strategy, others felt compelled to set up a separate brand, as if they were afraid of it themselves. In the end it became a normal part of everyday life. But 24 hr banking is no longer enough."
ING Direct unveils new mobile banking app
"Online bank ING Direct has updated its mobile banking capabilities with a new app that lets users view their balances across all accounts before logging in, and transfer money to anyone in Australia with email or SMS notifications. The new ING Mobile Banking app, developed by local tech firm Oakton, Deloitte Digital and ING, was created by rebuilding a native mobile banking application and the related backend services. The goal of the rebuild was to improve app usability, security and performance based on customer feedback, according to ING."
"A new player has emerged at the forefront of mobile banking with the hopes of capturing the nation's youngest banking audience and setting the tone for what it means to bank virtually. Launched to the public on Tuesday, GoBank is the first bank designed specifically for mobile use. All functionality is available through its app, everything from opening your account to paying bills to managing your budget."
Mobile Banking Activity Rose in May
"Along with temperatures in most parts of the country, mobile banking activity continued to increase in May. The overall value of American Banker's Mobile Banking Intensity Index was 73.8 for that month, a significant increase over April's value of 70.4. Many of the bankers surveyed for the index said adoption of mobile banking continues to grow as more customers become comfortable with it."
First Data Survey: Smartphones Are Shaping Mobile Banking
"If credit unions need more evidence about the importance of offering mobile banking, another study concludes that consumers want it all--in the palm of their hand. Consumers expect strikingly similar mobile and technology-powered experiences from financial institutions and businesses, and their expectations are fueled by skyrocketing smartphone use, according to a new study from Atlanta-based First Data."
Banking on smartphones
"When online banking first came on the scene it heralded a new era where customers could check their balance and pay their bills any time, day or night. A few banks integrated it immediately into their strategy, others felt compelled to set up a separate brand, as if they were afraid of it themselves. In the end it became a normal part of everyday life. But 24 hr banking is no longer enough."
ING Direct unveils new mobile banking app
"Online bank ING Direct has updated its mobile banking capabilities with a new app that lets users view their balances across all accounts before logging in, and transfer money to anyone in Australia with email or SMS notifications. The new ING Mobile Banking app, developed by local tech firm Oakton, Deloitte Digital and ING, was created by rebuilding a native mobile banking application and the related backend services. The goal of the rebuild was to improve app usability, security and performance based on customer feedback, according to ING."
Monday, July 1, 2013
International Mobile Banking Updates - July 1
Kenya: Barclays Bank Launches Mobile App
"In Kenya, The Star reports that Barclays Bank of Kenya has introduced a mobile banking app (BarclaysKenya), said to have similar functionality of the financial institution’s full online banking platform. The service is freely available and accessible to customers who have registered successfully for Barclays Internet Banking writes The Star."
Mobile-solution company Tagit to expand in the Philippines
"SINGAPORE-based mobile-solution company Tagit is planning to expand its business in the Philippines by offering mobile-banking application software to banks, its top official said. Sandeep Bagaria, chief executive officer of Tagit, in a recent interview with the BusinessMirror said he is talking with some banks in the country and offer mobile banking applications using Tagit’s Mobeix platform software."
NAB opens digital wallet and takes aim at CBA’s Kaching
"National Australia Bank is poised to kick off digital wallet trials with payments rivals Visa and MasterCard, as it assesses plans to take advantage of growth in mobile banking. The bank will also unveil its response to Commonwealth Bank of Australia’s Kaching payments app at the end of next month, after an internal trial. NAB’s executive general manager of digital and direct banking, Antony Cahill, said the bank was focusing on developments for smartphones and tablets after 76 per cent growth in uptake of mobile banking among its customers in the past 12 months."
High street banks unveil Zapp mobile payments system
"VocaLink has today unveiled a new mobile payment service backed by the UK's major high-street lenders, which provides the infrastructure behind Bacs, Direct Debit and Mobile Top-Up. VocaLink, which is owned by a consortium of 18 banks and building societies, including Barclays, RBS, Lloyds, HSBC and Santander, has named the service Zapp and set up a web page touting its advantages to businesses and individuals at zapp.co.uk."
Money On The Move Has Africa Clicking
"The ability to transact, to withdraw, deposit and manage personal finances anywhere at anytime is an attractive proposition for consumers. This is one of the core advantages of mobile banking services that mobile service providers and financial institutions are looking to invest in- and transfer to their markets. Another driver behind the market is the intention to bridge the gap between Africa’s increasing number of un-banked citizens and its banked community, particularly in terms of access to banking services."
Mobile banking doesn't pay off: Credit Suisse
"Banks are spending too much on digital banking, despite the rapid growth in customers managing finances on their mobile phones and tablets. A report by brokerage Credit Suisse said competition among banks was spurring on a massive investment in mobile technology although it was yet to have little material benefit to the banks. Mobile banking still accounts for less than 10 per cent of the value of digital transactions, despite the number of mobile banking customers surging to 6 million earlier this year."
Lloyds Bank Commercial Banking arm to roll out mobile card acceptance
"Lloyds Bank Commercial Banking is to develop a suite of mobile card acceptance solutions aimed at small retailers and business owners. The brand has announced a partnership with Monitise, which will see the release of the mobile point of sale (mPOS) payment products, while also intending to offer additional banking services and businesses solutions."
Some 50% of account holders prefer mobile banking
"THE Bank of Philippine Islands (BPI) on Thursday said the bank anticipates double-digit growth on mobile-banking transactions this year, its top official said. Carlo Gatuslao, BPI vice president and head of Channel Marketing and Sales Division, said more than half the number of account holders make use of their mobile-banking applications or apps to transact with the bank. BPI launched its first mobile-banking apps for Apple and android smartphones in 2011."
"In Kenya, The Star reports that Barclays Bank of Kenya has introduced a mobile banking app (BarclaysKenya), said to have similar functionality of the financial institution’s full online banking platform. The service is freely available and accessible to customers who have registered successfully for Barclays Internet Banking writes The Star."
Mobile-solution company Tagit to expand in the Philippines
"SINGAPORE-based mobile-solution company Tagit is planning to expand its business in the Philippines by offering mobile-banking application software to banks, its top official said. Sandeep Bagaria, chief executive officer of Tagit, in a recent interview with the BusinessMirror said he is talking with some banks in the country and offer mobile banking applications using Tagit’s Mobeix platform software."
NAB opens digital wallet and takes aim at CBA’s Kaching
"National Australia Bank is poised to kick off digital wallet trials with payments rivals Visa and MasterCard, as it assesses plans to take advantage of growth in mobile banking. The bank will also unveil its response to Commonwealth Bank of Australia’s Kaching payments app at the end of next month, after an internal trial. NAB’s executive general manager of digital and direct banking, Antony Cahill, said the bank was focusing on developments for smartphones and tablets after 76 per cent growth in uptake of mobile banking among its customers in the past 12 months."
High street banks unveil Zapp mobile payments system
"VocaLink has today unveiled a new mobile payment service backed by the UK's major high-street lenders, which provides the infrastructure behind Bacs, Direct Debit and Mobile Top-Up. VocaLink, which is owned by a consortium of 18 banks and building societies, including Barclays, RBS, Lloyds, HSBC and Santander, has named the service Zapp and set up a web page touting its advantages to businesses and individuals at zapp.co.uk."
Money On The Move Has Africa Clicking
"The ability to transact, to withdraw, deposit and manage personal finances anywhere at anytime is an attractive proposition for consumers. This is one of the core advantages of mobile banking services that mobile service providers and financial institutions are looking to invest in- and transfer to their markets. Another driver behind the market is the intention to bridge the gap between Africa’s increasing number of un-banked citizens and its banked community, particularly in terms of access to banking services."
Mobile banking doesn't pay off: Credit Suisse
"Banks are spending too much on digital banking, despite the rapid growth in customers managing finances on their mobile phones and tablets. A report by brokerage Credit Suisse said competition among banks was spurring on a massive investment in mobile technology although it was yet to have little material benefit to the banks. Mobile banking still accounts for less than 10 per cent of the value of digital transactions, despite the number of mobile banking customers surging to 6 million earlier this year."
Lloyds Bank Commercial Banking arm to roll out mobile card acceptance
"Lloyds Bank Commercial Banking is to develop a suite of mobile card acceptance solutions aimed at small retailers and business owners. The brand has announced a partnership with Monitise, which will see the release of the mobile point of sale (mPOS) payment products, while also intending to offer additional banking services and businesses solutions."
Some 50% of account holders prefer mobile banking
"THE Bank of Philippine Islands (BPI) on Thursday said the bank anticipates double-digit growth on mobile-banking transactions this year, its top official said. Carlo Gatuslao, BPI vice president and head of Channel Marketing and Sales Division, said more than half the number of account holders make use of their mobile-banking applications or apps to transact with the bank. BPI launched its first mobile-banking apps for Apple and android smartphones in 2011."
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